>> Especially since I'm in a PAL territory here, and I've read that the PAL version of GOUT is nothing but a converted NTSC transfer.
Well if I understood this thread correctly, http://originaltrilogy.com/forum/topic.cfm/Whats-missing-from-GOUT/topic/6725/ they ARE different - check the screenshots later in the discussion.
But if you want a good representation of the OOT and want an OFFICIAL release, get the 2006 DVDs (if you don't mind its problems)